Ryde has partnered with insurer FWD Singapore to provide free insurance coverage to its passengers traveling by bicycle.
Coverage, which will be available until the end of June next year, offers a payment of US $ 10,000 per passenger in the event of accidental death during a Ryde trip.
Other situations of protection coverage include up to S $ 200 for loss of identification documents such as passport or driving license. Ryde Wallet credits of US $ 20 are also offered in the event of a trip being disrupted due to an accident requiring emergency assistance.
The move comes when Singapore will gradually reopen and companies expect demand for transport services to increase.
Ryde said it currently has more than 10,000 driver partners on its platform and that its app has been downloaded by more than 700,000 users.
Terence Zou, founder and CEO of Ryde, said: “We believe in making the best daily commutes for everyone and one of the ways to do this is by ensuring that guests booking our attractions enjoy peace of mind during the his travels with us “.
Terence added that the company is delighted to undertake this strategic partnership with FWD and looks forward to other future opportunities.
Ryde will observe the IPO next year, amid expansion plans
The car sharing app is it is said to be oriented for an initial public offering (IPO) next year to generate the funds needed to grow its user base and service portfolio.
The company said it has processed more than 16 million bookings since its inception in 2014.
Ryde said it achieved profitability for the first time in the fourth quarter of 2020 and that its gross transaction value has quadrupled since the start of the Covid-19 pandemic.
The company claims its key competitive advantage in being its lowest fees. It charges a 10% commission, compared to the market average of 20 to 25%. This means that Ryde drivers can take $ 9.00 for every $ 10.00 they make.
Ryde has openly said he aims to grab 30% of Singapore’s shared travel market by 2030, which poses a direct challenge to claiming a share of the pie for big players like Gojek and Grab.
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Featured Image Credit: Mashable